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🔗 Source: obamawhitehouse.archives.gov
📊 Size: 261 KB
👤 Author: OMB
⬇️ Downloads: 84

Summary

Jason Furman discusses the importance of total factor productivity (TFP) and its role in economic growth, noting that TFP has increased over time, but with significant fluctuations. From 1948 to 1973, TFP grew 2.2% annually, but slowed to 0.5% from 1973 to 1987, and has since increased to 1.0% annually. Furman emphasizes the need for policies to increase productivity, as it benefits middle-class families and can help reduce inequality. He highlights the significance of telecommunications in driving economic growth, citing the US as a leader in the sector, with substantial investments in wireless networks and a vibrant ecosystem of smartphone design, mobile app development, and related technologies. However, Furman also notes the need to address digital divides and ensure that the benefits of technological progress are shared broadly, particularly in areas such as education and rural access.

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Description

Jason Furman discusses the importance of total factor productivity (TFP) and its role in economic growth, noting that TFP has increased over time, but with...

Technical Information

  • File Format: PDF
  • File Size: 261 KB
  • Pages: 8
  • Language: EN
  • Author: OMB
  • Total Downloads: 84
  • Last Updated: 7 hours ago

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